[SMM Hydrogen Cost Daily Review] 20251231

Published: Jan 5, 2026 09:11

I. Coal-to-Hydrogen
The transaction range for coke in Shandong was [1,720-1,720], and the average hydrogen cost was [1.6 yuan/m³].
The transaction range for coke in Hebei was [1,430-1,430], and the average hydrogen cost was [1.37 yuan/m³].
The transaction range for coke in Shanxi was [950-950], and the average hydrogen cost was [0.99 yuan/m³].
The transaction range for coke in Henan was [1,020-1,020], and the average hydrogen cost was [1.07 yuan/m³].

II. Natural Gas-to-Hydrogen
The transaction range for natural gas in East Guangdong was [4,130-4,160], and the average hydrogen cost was [2 yuan/m³].
The transaction range for natural gas in Guangxi was [3,820-4,390], and the average hydrogen cost was [1.97 yuan/m³].
The transaction range for natural gas in Shanxi was [3,390-3,830], and the average hydrogen cost was [1.78 yuan/m³].
The transaction range for natural gas in Hebei was [3,560-3,800], and the average hydrogen cost was [1.83 yuan/m³].
The transaction range for natural gas in Shandong was [3,740-3,980], and the average hydrogen cost was [1.68 yuan/m³].
The transaction range for natural gas in the Pearl River Delta was [4,150-4,150], and the average hydrogen cost was [1.8 yuan/m³].
The transaction range for natural gas in Hubei was [3,890-4,190], and the average hydrogen cost was [1.76 yuan/m³].
The transaction range for natural gas in Henan was [3,720-4,030], and the average hydrogen cost was [1.69 yuan/m³].
The transaction range for natural gas in Guizhou was [3,880-4,290], and the average hydrogen cost was [1.78 yuan/m³].
The transaction range for natural gas in Sichuan was [3,390-4,215], and the average hydrogen cost was [1.76 yuan/m³].
The transaction range for natural gas in Zhejiang was [4,030-4,270], and the average hydrogen cost was [1.8 yuan/m³].
The transaction range for natural gas in Inner Mongolia was [3,740-3,800], and the average hydrogen cost was [1.57 yuan/m³].
The transaction range for natural gas in Heilongjiang was [4,150-4,300], and the average hydrogen cost was [1.8 yuan/m³].

III. Propane-to-Hydrogen
The transaction range for propylene oxide in Northeast China was [4,030-4,450], and the average hydrogen cost was [2.57 yuan/m³].
The transaction range for propylene oxide in East China was [4,590-4,710], and the average hydrogen cost was [2.78 yuan/m³].
The transaction range for propylene oxide in Shandong was [4,600-4,930], and the average hydrogen cost was [2.85 yuan/m³].
The transaction range for propylene oxide in South China was [4,720-4,820], and the average hydrogen cost was [2.83 yuan/m³].

IV. Methanol-to-Hydrogen
The transaction range for methanol in Northeast China was [2,230-2,250], with the average hydrogen cost at [2.09 yuan/m³]
The transaction range for methanol in East China was [2,190-2,260], with the average hydrogen cost at [2.09 yuan/m³]
The transaction range for methanol in Central China was [2,065-2,270], with the average hydrogen cost at [2.08 yuan/m³]
The transaction range for methanol in North China was [1,940-2,130], with the average hydrogen cost at [1.93 yuan/m³]
The transaction range for methanol in South China was [2,190-2,230], with the average hydrogen cost at [1.64 yuan/m³]
The transaction range for methanol in Northwest China was [1,470-2,000], with the average hydrogen cost at [1.33 yuan/m³]
The transaction range for methanol in Southwest China was [1,970-2,270], with the average hydrogen cost at [1.58 yuan/m³]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn